New York Life Investment Management, which oversees around $807 billion, has brought a high-yield corporate bond strategy onchain.
A two-person team took the project from initial research to a live tokenized fund with Centrifuge in six to nine months.
The NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio trades under the ticker HYB. It launched on approximately June 30, 2026, marking NYLIM’s first tokenized fund.
What NYLIM actually built
HYB operates on Centrifuge’s platform. Subscriptions and redemptions settle in $USDC, a dollar-pegged stablecoin, allowing investors to move money in and out using digital dollars instead of bank wires.
NYLIM has not changed how it selects bonds. The fund follows the firm’s established investment process and existing risk management standards.
The headline numbers look like this:
- Yield to worst: 7.24%
- Expense ratio: 0.55%
- Minimum investment: $100,000
- Assets under management (November 2026): roughly $638,000
Yield to worst is the most conservative yield estimate for a bond portfolio. It assumes issuers repay or call their bonds at the time least favorable to holders, making it a floor-style measure rather than a best-case projection.
The underlying strategy’s track record predates its token wrapper. It returned 11.40% in 2023, 6.88% in 2024 and 7.28% in 2025.
Built for non-US investors, with a faster exit option
HYB is available only to qualified non-US investors. That reflects a strategic choice to work around the caution that persists around tokenization in the US market.
In September 2026, the fund announced an integration with RedStone Settle, a service that offers liquidity exits in roughly 300 milliseconds.
A small fund from a very large manager
The contrast in scale is striking: NYLIM manages around $807 billion, while HYB held roughly $638,000 as of November 2026.
The team’s size may be more telling. A two-person group went from research to launch in six to nine months, suggesting that tokenized-fund infrastructure may have matured to the point where a large firm can get started without a large project.
What this means
For the stablecoin market, settling in $USDC is a modest but meaningful detail. Each tokenized fund that settles in stablecoins gives those digital dollars a practical use beyond trading.
There are significant limits. The fund is small, its $100,000 minimum and qualified-investor requirement put it out of reach for most people, and US investors cannot participate.
High-yield bonds carry credit risk, which is why they pay more. A 7.24% yield to worst is attractive, but compensates investors for lending to companies with weaker balance sheets. The strategy’s returns have also varied noticeably from year to year.
